Urbana Free Library board accepts FY2025 audit citing ‘clean’ opinion and $4M in fund balance

Robert Martin, an audit principal presenting remotely for the library’s auditor, told the Urbana Free Library Board of Trustees on Jan. 13 that the auditors issued an unmodified, or “clean,” opinion on the library’s FY2025 financial statements. “In our opinion, the financial statements referred to in this report are fair in all material respects,” Martin said during the board meeting.

Martin walked trustees through the three documents included in the audit package: a SAS 114 letter to management, the annual financial report, and a management letter with recommendations. He highlighted the balance-sheet pages showing an ending fund balance of about $3.5 million in the general fund and roughly $500,000 in the trust fund, totaling just over $4,000,000 at year end.

The auditors reported no disagreements with management and no items requiring modification of the opinion. Martin also reviewed internal-control observations and repeated two prior recommendations: adopt a capital-asset policy and adopt a formal fund-balance policy. He recommended ongoing attention to IT security awareness as a best-practice item, while clarifying that the audit did not identify a specific IT control failure that required reporting.

Trustees asked no substantive questions during the presentation. The board moved to accept the audit after Martin’s remarks; a motion and second were recorded and the board accepted the FY2025 audit by voice vote (aye, none opposed).

The audit presentation included a reminder about upcoming Governmental Accounting Standards Board (GASB) pronouncements (GASB statements referenced by the auditor) that staff and auditors should monitor to determine if changes are required for future reporting.